Select Second Quarter Results:
* Revenue $4.4 billion; down 4 percent versus prior year
* Diluted EPS down 5 percent from prior year to $0.76
* Worldwide futures orders up 4 percent, down 1 percent excluding currency changes
* Inventories down 10 percent versus prior year
NIKE, Inc. (NYSE:NKE) reported financial results for its fiscal 2010 second quarter ended November 30, 2009. Second quarter revenues decreased 4 percent, from $4.6 billion last year to $4.4 billion in the current year; changes in currency exchange rates had a minimal impact on reported revenue results. Second quarter net income declined 4 percent, from $391 million last year to $375 million in the current year; diluted earnings per share decreased 5 percent to $0.76.
Balance Sheet Review
At the end of the second quarter, global inventories stood at $2.2 billion, down 10 percent from November 30, 2008. Cash and short-term investments at period-end were $4.0 billion, 47 percent higher than $2.7 billion last year.
Share Repurchase
During the second quarter, the Company repurchased a total of 3,025,000 shares for approximately $194 million in conjunction with the Company’s four-year, $3 billion share repurchase program, approved by the Board of Directors in June 2006. As of the end of the second quarter the Company has purchased a total of 52.5 million shares for approximately $2.9 billion under this program. Once the Company completes its current $3 billion program it will commence a four-year, $5 billion share repurchase program approved by the Board of Directors in September 2008.
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